STATE OF MAINE.

IN THE YEAR OF OUR LORD ONE THOUSAND EIGHT HUNDRED AND FORTY-TWO.

AN ACT further regulating banks and banking.

Be it enacted by the Senate and House of Rep2 resentatives in Legislature assembled as follows: 3 SECT. 1. It shall be the duty of the bank 4 commissioners, on being informed that any bank 5 in this State has suspended the payment of any 6 of its bills or deposits, forthwith to repair to such 7 bank and examine minutely into its condition, 8 and, as soon as may be, report to the secretary 9 of State, stating, to the best of their judgment, 10 the cause of the suspension or refusal to pay its 11 bills or deposits as aforesaid. And it shall be the 12 duty of the secretary of State, forthwith to trans13 mit a true copy of said report, to the State prin14 ter, to be published in the State paper; and also 15 to lay said report before the governor and coun

16 cil at their next meeting. And if, upon exam17 ination as aforesaid, the commissioners shall be 18 satisfied that such bank is unable to pay its debts, 19 or that its condition is such, as to render its fur20 ther progress hazardous to the public, they shall 21 appoint three disinterested receivers and require 2 of them a bond for the faithful discharge of their 23 trust, in such sum and with such sureties as they 21 shall determine. And such receivers shall pro25 ceed in the same manner and with the same 26 powers as provided and granted in sections 68, 27 69 and 70 of chapter 77 of the Revised Statutes.

SECT. 2. If any bank shall continue its sus2 pension or refuse to pay any of its bills or deS posits as aforesaid, longer than thirty days, it 4 shall forfeit its charter and the same is hereby 5 declared forfeited and void. Or if, having re6 sumed the payment of its bills and deposits, 7 within thirty days as aforesaid, it shall again susSpend or reuse to pay the same within six months 9 thereafter, it shall forfeit its charter. And it shall 10 be the duty of the bank commissioners, in either 11 case as aforesaid, to appoint receivers, whose 12 duties, powers and responsibilities shall be the 13 same as provided in the first section of this act

SECT. 3. It shall be the duty of any bank to 2 deliver to receivers, who may have been ap3 pointed to close its affairs, on demand made by 4 such receivers, all its books, papers, property, 5 estates and demands. And if any president, 6 director, cashier, or other officer or servant of 7 any bank, shall violate the provisions of this 8 section, he or they so offending shall, on con9 viction, be punished by imprisonment for not 10 less than three, nor more than ten years.

SECT. 4. The liability of stockholders for the 2 debts of a bank, as provided in chapter seventy 3 seven, section forty one, of the Revised Statutes, 4 shall continue for one year after they may have 5 made a bona fide transfer of their stock. And, 6 whenever receivers shall be appointed to close 7 the affairs of any bank, all any bank, all persons and corpo8 rations at that time liable for the debts of such 9 bank, shall continue so liable, until the affairs of 10 such bank shall be finally closed. And if the 11 receivers shall be unable, within one year from 12 the time of their appointment, to pay all the 13 debts due from such bank, from the proceeds of 14 the corporate property, then they shall give 15 notice to all persons and corporations, who are

16 cil at their next meeting. And if, upon exam17 ination as aforesaid, the commissioners shall be 18 satisfied that such bank is unable to pay its debts, 19 or that its condition is such, as to render its fur20 ther progress hazardous to the public, they shall 21 appoint three disinterested receivers and require 22 of them a bond for the faithful discharge of their 23 trust, in such sum and with such sureties as they 21 shall determine. And such receivers shall pro25 ceed in the same manner and with the same 26 powers, as provided and granted in sections 68, 27 69 and 70 of chapter 77 of the Revised Statutes.

SECT. 2. If any bank shall continue its sus2 pension or refuse to pay any of its bills or de3 posits as aforesaid, longer than thirty days, it 4 shall forfeit its charter and the same is hereby 5 declared forfeited and void. Or if, having re6 sumed the payment of its bills and deposits, 7 within thirty days as aforesaid, it shall again sus8 pend or refuse to pay the same within six months 9 thereafter, it shall forfeit its charter. And it shall 10 be the duty of the bank commissioners, in either 11 case as aforesaid, to appoint receivers, whose 12 duties, powers and responsibilities shall be the 13 same as provided in the first section of this act.

SECT. 3. It shall be the duty of any bank to 2 deliver to receivers, who may have been ap3 pointed to close its affairs, on demand made by 4 such receivers, all its books, papers, property, 5 estates and demands. And if any president, 6 director, cashier, or other officer or servant of 7 any bank, shall violate the provisions of this 8 section, he or they so offending shall, on con9 viction, be punished by imprisonment for not 10 less than three, nor more than ten years.

SECT. 4. The liability of stockholders for the 2 debts of a bank, as provided in chapter seventy 3 seven, section forty one, of the Revised Statutes, 4 shall continue for one year after they may have 5 made a bona fide transfer of their stock. And, 6 whenever receivers shall be appointed to close 7 the affairs of any bank, all persons and corpo8 rations at that time liable for the debts of such 9 bank, shall continue so liable, until the affairs of 10 such bank shall be finally closed. And if the 11 receivers shall be unable, within one year from 12 the time of their appointment, to pay all the 13 debts due from such bank, from the proceeds of 14 the corporate property, then they shall give 15 notice to all persons and corporations, who are